Govt to recover student loan two years post-NYSC

Applicants for student loan will have to repay on or after two years of completing the mandatory National Youth Service, NYSC.

In a situation where an applicant is unable to pay at the specified period, the person can request for an extension and a sworn affidavit to show he is either unemployed or not earning an income. Such an applicant however risks a three-year jail term, if the declaration is false.

.This is based on the provisions of the law establishing the loan scheme. Both chambers of the National Assembly had passed the law on Wednesday.

Some of the adjustments made to the Student Loan Act is the removal of family income threshold as a precondition for granting an application for it.

Importantly too, an applicant (undergraduate) does not need to produce a guarantor for the loan processing, which requires only verified identity.

It is also stated that an applicant cannot be disqualified, based on the parent’s loan history.

Â